State Bank of Pakistan (SBP) Governor Jamil Ahmed has announced that the federal government has finalized a new law to regulate cryptocurrencies and virtual assets in the country.
Under this legislation, a Virtual Assets Regulatory Authority will be established to oversee and regulate the rapidly evolving digital financial landscape.
Speaking in Karachi, Jamil Ahmed said the central bank is actively working on launching its own central bank digital currency and plans to roll out a pilot project in the near future. “We are already working on digital currency. A pilot project of the central bank's digital currency will soon be initiated,” the SBP chief confirmed.
In addition to digital currency developments, the SBP has finalized the designs for Pakistan’s new currency notes. “The designs have been completed and will soon be presented to the federal cabinet for approval,” he stated.
Meanwhile, by holding the policy rate at 11%, the State Bank of Pakistan (SBP) has maintained its cautious monetary stance, balancing moderate inflation and stabilization efforts with ongoing economic uncertainties.
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While many in the business community push for a cut, the central bank appears to favour a measured approach as data unfolds.
SBP Governor Jameel Ahmad said in a press conference that inflation remained slightly below the 5–7% target range, reinforcing the committee’s decision to keep the policy rate unchanged at 11 percent.
Governor Ahmad noted that although inflation had remained slightly below the target range of 5 to 7 percent in recent months, upward pressure is beginning to build again. He attributed this to anticipated increases in energy prices and external risks.
“The Monetary Policy Committee reviewed the external account situation in detail and, considering the potential impact of energy price adjustments, decided to keep the policy rate unchanged,” Ahmad said.
